LUCRF Super has become the first superannuation fund to invest in ME Bank's recently launched Super Cash Management Account (SCMA).
Fund chief executive Greg Sword said LUCRF had invested around $150 million in the investment product.
"We are proud to be the first investor in this new product as it complements our diversified investment strategy to provide growth and financial security for our superannuation and pension members. LUCRF views this decision as an ongoing commitment to ME Bank," Sword told Investor Weekly.
He said the account would offer a better return for members and he expected other industry funds to follow suit.
The SCMA operates within the government guarantee on deposits and, according to Sword, the product was designed to maximise income for superannuation funds with minimal risk, boosting the retirement savings of LUCRF members.
